Tramonex Scoops £250,000 UK grant for Blockchain-based cross-currency payments

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London-based forex startup Tramonex has scored a £250,000 grant from the UK government to develop a prototype for cross currency payments using Blockchain technology.

Marc Avedissian, co-founder and COO, Tramonex, said:

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“It’s only a question of time until Blockchain technology goes mainstream and becomes the standardised option for cross-currency transfers. With this grant, Tramonex wants to provide a platform to create a common standard, to ultimately reduce the time and cost to transact across currencies.”

Tramonex says that the money, secured through Innovate UK, will let it build a prototype to facilitate conversion and settlement services using Blockchain ledger technology, slashing average transaction times from days to under a minute.

In addition, the startup claims the prototype will cut the transfer costs significantly, making FX services much more affordable to small and medium businesses. Currently, the firm says, traditional banks often still consider SMEs too risky, limiting their ability to trade across borders, and charging them uncompetitive commission fees.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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